- Platform makes maiden investment in a plotted development project in Bangalore
New Delhi, October 31, 2022: Shriram Properties Limited (“Shriram“) and ASK Property Fund (“ASK“) have signed a Memorandum of Understanding (“MoU”) for setting up an investment platform for acquisition of residential real estate projects. Under the platform arrangement, Shriram and ASK will co-invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad. Aggregate commitments towards the platform will be up to Rs. 500 crores and the committed capital is expected to be deployed over the next 12 months. ASK will invest through its managed Category II AIF.
Shriram and ASK have already committed their first investment under the new platform for a plotted development project in North Bangalore. The platform will invest up to Rs. 125 crores towards acquisition and development of this project that already has necessary approvals and also partially completed infrastructure development. The proposed project is to be launched during Q3 FY23, with saleable area of approx. 8 lac square feet.
Shriram and ASK have a successful track record as partners, previously having worked on the development of a residential apartment project called “Shriram Chirping woods” at Sarjapur Road, Bangalore. ASK successfully exited from the investment in 2020.
Commenting on the partnership, Mr. Murali M, CMD of Shriram Properties, said: “We are excited to join hands with ASK, who have been an exceptional and long-standing partner for us. The partnership platform will provide committed capital availability and allow us to seize new opportunities for further growth and value creation efficiently. We welcome ASK again into the Shriram family”.
Commenting on the partnership, Mr. Amit Bhagat, CEO & MD, ASK Property Fund said, “Investors continue to remain committed to Real Estate and investments are getting more broad-based with active participation across asset acquisitions. With Shriram Properties, we have created a unique real estate investment platform that combines deep local market knowledge with risk expertise to achieve desired results for our clients and investment partners. We continue to build on our decades long expertise in real estate and asset management.”
Corporate Comm India (CCI Newswire)